Please help me question 3! Y1 (k, l) = 2k/413/4And Firm 2 has production function:y2 (k, l) = 3k2/31/3where k represents capital used by the firm and l labour inputs. Both firms have the same constraint that capitaland labour add to 1:k+1=1Taking into account the budget constraint, which one of the following describes Firm 2's production function?O a. Ak,) = 2k'/(1– 1)3/4Ob. Ak,) = 3k213(1– k) /3Oa Mk,) = 3k/4(1– 13/4O d. None of the options describes the production function.Oe. Ak,)= 3(/- 1)2/31/3 QUESTION 3What is the optimal amount of output for Firm 1?O a.y"= 1.14O b. None of the answers is the optimal amount of output.O. y = 1.121!!O d.y = 1.56O e.y = 1.587Of. y' = 0.658Og.y = 1.26!!QUESTION 4IDISOGtin Aannchin có màn hình a han

Answer: Correct option: option (a) Calculation: To solve for optimum level of output, the…

QUESTION 3 What is the optimal amount of output for Firm 1? O a. y" = 1.14 O b. None of the answers is the optimal amount of output. Ocy = 1.121 %3D Od.y = 1.56 %3D O e.y = 1.587 Of. y = 0.658 Og. y= 1.26 %3D

QUESTION 3 What is the optimal amount of output for Firm 1? O a. y" = 1.14 O b. None of the answers is the optimal amount of output. Ocy = 1.121 %3D Od.y = 1.56 %3D O e.y = 1.587 Of. y = 0.658 Og. y= 1.26 %3D

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.5P

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Question

Please help me question 3!

Y1 (k, l) = 2k/413/4
And Firm 2 has production function:
y2 (k, l) = 3k2/31/3
where k represents capital used by the firm and l labour inputs. Both firms have the same constraint that capital
and labour add to 1:
k+1=1
Taking into account the budget constraint, which one of the following describes Firm 2's production function?
O a. Ak,) = 2k'/(1– 1)3/4
Ob. Ak,) = 3k213(1– k) /3
Oa Mk,) = 3k/4(1– 13/4
O d. None of the options describes the production function.
Oe. Ak,)
= 3(/- 1)2/31/3

QUESTION 3
What is the optimal amount of output for Firm 1?
O a.y"
= 1.14
O b. None of the answers is the optimal amount of output.
O. y = 1.121
!!
O d.y = 1.56
O e.y = 1.587
Of. y' = 0.658
Og.y = 1.26
!!
QUESTION 4
IDISOGtin Aannchin có màn hình a han

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